* In July, we first discussed INSTEX, the European Instrument in Support of Trade Exchanges. INSTEX is a tool set up to help trade with Iran, which is under US sanctions. It is kind of a barter system that operates outside the petrodollar universe.

* It is morally wrong for the US to enforce the petrodollar hegemony around the world. If countries want to trade for oil from Iran, they should be free to do so–without coercion from the US.